Export growth: A shopkeeper waits for customers at his mechanic shop in Hanoi. The GSO reported that imports were valued at US$345.6bil, up 16.4% y-o-y. — AFP
HANOI: Vietnam posted a trade surplus of US$24.3bil in the first 11 months of 2024, according to the General Statistics Office (GSO).
The country’s trade value from January to November rose by 15.4% year-on-year (y-o-y) to US$715.5bil.
The value in November alone reached US$66.4bil, down 4.1% from the month before but up 9% compared to November 2023.
In 11 months, export value expanded by 14.4% to US$369.9bil, while imports grew by 16.4% to US$345.6bil.
The domestic economic sector contributed US$103.9bil to the total export value, an increase of 20% y-o-y, while the foreign-invested sector (including crude oil) generated US$266bil, up 12.4%.
Up to 36 key export items each surpassed US$1bil in value, collectively accounting for 94.1% of the total.
Among these, seven standout products exceeded US$10bil.
The GSO also reported that imports were valued at US$345.6bil, up 16.4% y-o-y.
Spending in the domestic economic sector went up 18.5% to US$126bil, while the foreign-invested sector recorded an increase of 15.2% to US$219.6bil.
A total of 44 import products surpassed the US$1bil threshold, making up 92.6% of the total, with five exceeding US$10bil.
The United States remained Vietnam’s largest export market with US$108.9bil, while China was the largest supplier of goods to Vietnam at US$130.2bil.
To further increase the export value of Vietnamese goods, the GSO has proposed that ministries and branches effectively implement product traceability and improve the competitiveness of made-in- Vietnam products in terms of prices and quality in the global market, especially for key exports.
The Industry and Trade Ministry also continues to take full advantage of signed free trade agreements to promote exports.
It should also innovate trade promotion activities, focusing on a digital transformation programme for trade promotion activities connecting domestic and foreign supply and demand.
Vietnam also recorded a trade surplus of US$16.5bil in agricultural, forestry and aquatic products during the first 11 months of 2024, up 52.8% on-year, reported the Agriculture and Rural Development Ministry.
Deputy Minister Phung Duc Tien said these commodities brought home a total export value of US$56.7bil since January, representing a y-o-y increase of 19%.
The value of these commodities in November was about US$5.3bil, up 13.9% over the same period last year.
During the 11-month period, farm produce generated US$29.8bil from overseas shipments, growing 23.2% y-o-y.
Meanwhile, exports of livestock, aquatic and forestry products increased 4.4%, 11.8% and 19.6% respectively, reaching US$475.5mil, US$9.2bil and US$15.6bil.
The United States, China and Japan were the three largest export markets for Vietnamese agricultural, forestry and aquatic products.
The exports to these markets climbed 24.6%, 11% and 5.5% respectively against the same period in 2023, according to the ministry.
If Vietnam’s agricultural, forestry and fishery exports in December reach more than US$5bil, the agricultural sector this year will hit a new record for export value at more than US$61bil.
Furthermore, the recovery of aquaculture, the wood industry and the rice production will help bring the country’s agricultural, forestry and fishery exports to new heights.
To achieve this, science and technology have been applied in all areas of agriculture to improve production, according to Tien.
International cooperation and trade promotion programmes have also been promoted, including focusing on traditional markets and expanding new markets, such as for Halal products.
Some Vietnamese products – like veterinary medicine, vaccines and processed chicken – have already penetrated the Halal market.
The Deputy Minister said that large Vietnamese enterprises are actively reviewing their processing, food safety chain and raw materials to enter this market in the future. — Viet Nam News/ANN
